Glencore (LSE:GLEN) is proposing to change CEO Gary Nagle’s pay package to allow him to cash out long-term share awards more quickly if the miner is taken over, the Financial Times reported on Monday.
The company has proposed altering a change-of-control provision that could keep Nagle’s shares unvested, even if he leaves Glencore following a takeover, the FT reported, citing people familiar with the matter and an investor presentation.
However, under the plans, Nagle’s shares would vest if Glencore is bought by a rival and he is replaced as CEO, though some awards would remain subject to a holding period.
Glencore declined to comment. In February, the company and Rio Tinto (ASX:RIO) shelved months of negotiations over a merger to form the world’s largest miner.
Nagle’s total pay was US$7.5 million ($10.69 million) in 2025, as per Glencore’s annual report.
The majority of his pay comes through a career shares award, with a target opportunity of 350% of salary and maximum of 525%, the annual report showed.
Glencore is proposing to increase the upper limit of the career shares range by slightly more than 10%, the FT said, adding that the company is also proposing an inflation-related increase to Nagle’s fixed pay.
(Reporting by Nithyashree R B in Bengaluru; additional reporting by Krisha Bhatt; Editing by Ronojoy Mazumdar)
Main image: Glencore
